VIEW RETAINED FOR ALTERNATIVE OUTCOMES
The expected upward break out of the PQ continuation pattern has activated the illustrated view of a bear phase to the TA1 area.
Phase 1 gains have been slow and somewhat overlapping. There are 2 feasible alternatives:
Alternative 1:
The preferred and illustrated view is for further slow and gradual upside towards TA1 as the market dissolves remaining bearish momentum.
Alternative 2:
The Recent upside off S2 (labelled 1) is still part of the larger R1/S2 consolidation phase. The bear trend to TA1 will then be postponed and further complex and sideways price action will prevail in the immediate future.
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